Lead Gov’t Attorney in Fannie Mae Cases Leaves DOJ

The government filed for an extension of time yesterday. One of the primary reasons they gave:

In this regard, we also note that Gregg M. Schwind, one of the Government’s primary attorneys in this case, left the Department of Justice on July 10, 1015.

Government filing

This sucks for the government. Having the guy who has lead your defense up until this point leave just as things are heating up cannot be described as anything other than a serious blow.  Schwind had lead the defence team and been the primary attorney presenting that defence before various judges in these cases.

While the government may say he was “one of the” primary attorney’s, make no mistake, he is the primary contact and is leading this thing for them. Every email from plaintiffs is sent to him, he is the one pleading the government’s case before Sweeney, in Iowa and before Lamberth. No, Schwind was not “one of the attorney’s” ……he was “the attorney”.

One can only speculate as to why but this is a bit like your team’s head coach up and quitting halfway through the season. It’s gotta make you wonder

 

Fannie Mae

Fannie Mae

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About the Author

valueplays
Todd Sullivan is a Massachusetts-based value investor and a General Partner in Rand Strategic Partners. He looks for investments he believes are selling for a discount to their intrinsic value given their current situation and future prospects. He holds them until that value is realized or the fundamentals change in a way that no longer support his thesis. His blog features his various ideas and commentary and he updates readers on their progress in a timely fashion. His commentary has been seen in the online versions of the Wall St. Journal, New York Times, CNN Money, Business Week, Crain’s NY, Kiplingers and other publications. He has also appeared on Fox Business News & Fox News and is a RealMoney.com contributor. His commentary on Starbucks during 2008 was recently quoted by its Founder Howard Schultz in his recent book “Onward”. In 2011 he was asked to present an investment idea at Bill Ackman’s “Harbor Investment Conference”.